One person company (OPC) is a new form of business introduced by Companies Act, 2013. It is hybrid form of business where a sole proprietorship concern can get a corporate outlook. An OPC is a hybrid structure, wherein it combines most of the benefits of a sole proprietorship and a company form of business. It has only one person as a member who will act in the capacity of a director as well as a shareholder. Thus, it does away with the hassles of finding the right kind of co-partner/s for starting a business as registered entity. The best part is, legal and financial liability is limited to the Company and not the member.
What are the Features of One Person Company ?
Advantages of One Person Company
Disadvantages of One Person Company
What are the Documents required for Formation of One Person Company?
WHATS INCLUDED IN THIS PACKAGE ?
What is the process for Private Limited Company Registration?
Digital signature for the director of the company to be obtained
4-6 proposed names should be provided that should be unique and suggestive of company business.
Memorandum and Articles of Assocication should be drafted.
Sign and file various documents including MOA & AOA with the Registrar of Companies electronically
Once the application is duly filed and accepted by ROC, Certificate of incorporation is issued and the company is all set to start it’s operations.
A Director and a nominee are required to incorporate a OPC.
A nominee is a person who takes over the company in the event of death or incapacity of the promoter.
The OPC shall inform ROC in form INC-5, if the threshold limits is exceeded and is required to be converted into private or public company.
A person can be member in only one OPC.
The company shall file form INC-4 in case of cessation of member of OPC on account of death, incapacity to contract or change in ownership. In the same form, user needs to provide details of the new member of the OPC.
In case the paid up share capital of an OPC exceeds fifty lakh rupees or its average annual turnover exceeds during the relevant period exceeds two crore rupees, then the OPC has to mandatorily convert into private or public company.
Only a natural person who is an Indian citizen and a resident in India is eligible to incorporate a One Person Company or be a nominee member.
Form INC-5 shall be filed within sixty days of exceeding threshold limits
In such a case, such person shall meet the criteria of being a member in only one OPC within a period of one hundred and eighty days i.e., he/she shall withdraw his membership from either of the OPC’s within one hundred and eighty days.
Company’s proposed name should be unique i.e., it should not be identical to any existing name. Names that infringe others’ rights, trademarks or patents are likely to be rejected by ROC.
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